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Call it an overturn, or even an upending. But most people refer to the concept of Ethereum’s market capitalization overtaking Bitcoin as “the flippening”.
The question is, with ETH surging over $4,300 and fast approaching its all-time high of $4,878, could the flippening actually happen?
Will Ethereum Eventually Take the Crown from Bitcoin?
Ethereum’s current market cap is around $500 billion, while Bitcoin is almost five times that, at $2.3 trillion. Despite this, bullishness abounds from people like Ethereum co-founder Joe Lubin these days.
“I think we’ll see some astonishing things in the next year or so,” Lubin said on CNBC, regarding the possibility of a flippening of ETH over BTC.
Lubin cited the growth of publicly traded crypto treasury companies as one catalyst for this potential move in his July 30 CNBC interview. Lubin’s SharpLink Gaming (NASDAQ: SBET) treasury play currently holds 521,939 ETH, worth more than $2 billion as of press time.
Many fund managers and investment professionals aren’t so sure, however.
“As far as the ‘flippening’, we just don’t think it will happen,” said Jeff Embry, managing partner of crypto fund Globe 3 Capital. “ETH has too high a hill to climb to surpass BTC and the drivers of what creates value for both should keep BTC in the lead.”
In the 2017 bull run, the ETH/BTC ratio was around 0.1475 BTC per ETH. This means ETH was worth about 14.75% of BTC’s price at its peak of the ratio.
ETH/BTC is currently at 0.03532 BTC per ETH—only 3.6% of BTC’s price. However, there is likely room for that ratio to trend up, which will likely amplify the noise of any potential flippening in the future.
“The spread ETH-BTC is now being aggressively bought since its lows in April 2025 and I believe it has some more room to go,” said Jean-Marc Bonnefous, managing partner of crypto-focused Tellurian Capital. “This recovery has been magnified by the fact that a number of hedge funds were short the ETH-BTC spread and had to stop out of that position ahead of the large buying from new ETH treasury companies.”
Ethereum treasury companies such as Tom Lee’s Bitmine Immersion Technologies (NASDAQ: BMNR), the #1 publicly traded ETH holding company with 833,133 ETH worth $3.5B at press time, are fueling this appreciation.
The top ten public ether treasury companies. Source: CoinGecko
Different Purpose and Supply Dynamics
Yet some of the fundamental aspects of the technology behind ETH that piques Wall Street interest might not be enough to go higher than BTC’s price.
“We would need a massively bullish case for RWAs and tokenised treasuries over the next five years plus AI, gaming, sovereign infrastructures, all running on Ethereum,” noted Chris Thomas, of multi-partner crypto advisory Lake Capital. “But even on those numbers we may only see a $30,000-$50,000 ETH price… and at that point, we could argue that Bitcoin will be up another 7-10x.”
It’s important to keep in mind that as ETH’s price is rising, it’s very possible that Bitcoin will continue a run upwards as well. Ether’s supply dynamics are different from those of Bitcoin’s renowned fixed supply.
“In terms of price per ETH, it is unlikely to pass the price per Bitcoin,” said Steve Chen, founder of blockchain startup accelerator BAIK Ventures. “Bitcoin’s total supply is capped at 21 million. ETH does not have a hard cap of total supply, there is some burning, but the outstanding amount of ETH is a huge number.”
According to CoinGecko, the current outstanding supply of ETH is 120 million tokens. Unlike Bitcoin’s 21 million fixed circulation, Ethereum has no hard cap on its supply.
Instead, the Ethereum network burns transaction fees, known as gas, in its proof-of-stake consensus mechanism. Bitcoin fees, on the other hand, are rewarded to proof-of-work miners.
Also, the roles and purposes of BTC and ETH are clearly different, so providing an apples-to-apples comparison between the two very disparate networks is difficult.
That being said, expect the BTC vs. ETH narrative and price wars to keep heating up. Both will continue to be in high demand as crypto regulatory winds have shifted more favorably in 2025.
“BTC has the first mover advantage and remains the primary digital gold asset,” added Tellurian Capital’s Bonnefous. “Although I expect quite a bit more of a catch-up for ether which had been oversold these last few months.”
Cosmos (ATOM) is gaining strong bullish momentum, jumping over 14% in the last 24 hours as technical indicators flash potential for further upside. The token’s Relative Strength Index (RSI) has surged from deeply oversold levels to nearly overbought territory, highlighting an aggressive wave of buying pressure.
On the Ichimoku Cloud chart, ATOM has broken above the cloud with bullish crossovers forming, suggesting a possible trend reversal is underway. As the price nears a key resistance zone, traders are watching closely to see if ATOM can maintain this breakout and push toward the $6 mark in April.
This rapid rise suggests strong buying pressure over a short period, signaling a dramatic shift in sentiment. The RSI is a momentum oscillator that measures the speed and change of price movements, with values ranging from 0 to 100.
Typically, a reading below 30 indicates an asset is oversold and may be due for a bounce, while a reading above 70 suggests it’s overbought and could be primed for a pullback.
With ATOM’s RSI now nearing the overbought threshold at 70, it indicates that the recent price run-up may be nearing exhaustion—at least in the short term.
While a breakout above 70 could signal a strong bullish continuation, such high RSI levels also come with caution, as traders may begin to take profits or reassess entry points.
If momentum holds, ATOM could push into overbought territory and extend its gains. However, if buyers begin to fade, the price could see some short-term cooling as the market digests the recent surge.
ATOM Ichimoku Cloud Shows A Bullish Setup
Cosmos is showing a bullish breakout on the Ichimoku Cloud chart. The price has decisively moved above the cloud, indicating a potential trend reversal.
The blue conversion line (Tenkan-sen) has sharply turned upward and now sits above the red baseline (Kijun-sen), which is a classic bullish crossover.
This alignment reflects growing short-term momentum and could support further upside if it holds.
Additionally, the Leading Span A (green cloud boundary) has started to curve upward, while Leading Span B (red boundary) is beginning to flatten.
This shift is causing the cloud ahead to thin out, signaling that bearish pressure is weakening. With the price above the cloud and the lagging span (Chikou) clear of recent price action, the overall setup leans bullish.
The current alignment of the EMA lines shows growing bullish momentum, and a golden cross—where a short-term EMA crosses above a longer-term EMA—appears to be forming. If confirmed, this signal could attract more buyers and reinforce the potential for a continued upward move, especially if volume supports the breakout.
The Ethena price is making waves in Q3, which are mainly fueled by whale accumulation, rising USDe demand, and major technical breakouts. With the token recovering quickly despite its recent token unlock event, it is surprising that the market appears increasingly confident in ENA crypto’s long-term prospects. Also, experts and investors alike are hoping for a potential breakout above $0.70 that could set the stage for a rally to $1.
ENA Shows Strong Resilience Amid Token Unlocks
As it was evident on the daily chart, the month of July was magnificent, as Ethena price saw a significant surge from lows of $0.23 to a peak of $0.70, placing it among the most bullish performers in the altcoin market.
Even after this rally, the retracement was limited, which showcased its underlying strength to hold on to its recently achieved gains. In early August, it further reinforced its resilience when ENA bounced off the $0.52 support zone despite a massive token unlock event.
Investors showed little concern over the unlock, but that was not enough to hold its rally, which is now signaling strong confidence in the project’s fundamentals.
Even whale investors doubled down on ENA when an analyst revealed his observation that wallet addresses holding between “10 million and 1 billion ENA” have collectively stashed over 1 billion tokens, and now totaling 6.3 billion ENA. This was a well-strategized accumulation and signifies bullish strength in ENA.
Rising Demand for USDe Adds Fuel to the Fire
Alongside whale interest, demand for USDe continues to grow, with total supply now reaching $9.612 billion and approaching the $10 billion threshold, per DefiLlama. This sharp uptick in demand underscores investor confidence in Ethena’s ecosystem.
Supporting this momentum, Ethena Labs announced today that AAVE increased the caps for sUSDe and USDe to $350 million and $300 million, respectively. This decision helped push the Ethena price today over 5% higher on an intraday basis to trade at $0.63, bringing it closer to its July peak of $0.70.
ENA/USD Chart Signals Imminent Breakout
The ENA/USD chart on Binance is reflecting positive momentum as the price climbs toward July highs. Technical indicators across the board are flashing bullish signals.
The CMF has turned positive today at 0.01, revealing rising money inflows and positive sentiment among investors.
Similarly, the AO and MACD both show increasing momentum with rising histograms.
Likewise, the RSI is now at 63.95, indicating strength with room for further upside.
On a structural level, the chart recently formed a golden cross between the 50-day and 200-day EMAs, which is a classic signal of long-term bullish momentum.
Moreover, the price action broke out of a falling wedge pattern this week, which historically precedes bullish moves.
If ENA flips the key resistance at $0.70, many expect the rally to extend toward the psychological $1 mark, strengthening the Ethena price prediction outlook.
The post Ethena Price Aims $1 With Golden Cross & Whales Stashing Big appeared first on Coinpedia Fintech News
The Ethena price is making waves in Q3, which are mainly fueled by whale accumulation, rising USDe demand, and major technical breakouts. With the token recovering quickly despite its recent token unlock event, it is surprising that the market appears increasingly confident in ENA crypto’s long-term prospects. Also, experts and investors alike are hoping for …